What's Going On in the Scottsdale and Phoenix Areas: March Market Conditions Update

Let’s see what’s gone on in the Scottsdale and Phoenix area real estate market this past month:

Scottsdale

The median sales price of single-family homes in Scottsdale decreased in February to $513,750 from $545,000 in January. In North Scottsdale – including DC Ranch and McDowell Mountain Ranch – the median resale home price was down in February – to $573,570 from $625,000 in January.  In South Scottsdale the median resale home price was up significantly – to $254,000 from $240,000 in January.  Sales prices in the townhouse and condominium market fell slightly from January but volumes were up over 7%.

Paradise Valley

The median sales price for single-family homes in Paradise Valley was $2,270,000 in February – more than double January’s median of $1,108,455 (though sales prices may only reflect the sale of one or two homes in this pricey area).

While prices have not declined in the Scottsdale and Paradise Valley areas as they have in other parts of the Valley, when the market rebounds, expect to see prices increase quickly in this upscale enclave.  If you’re looking to buy, now is the time.  For the best deal with the least hassle, sign up for your FREE Time Saving Home Finder Program at www.MyPhoenixMLS.com.

If you’re looking to sell your Paradise Valley home, an experienced realtor with a strong track record can help you get the best possible deal. It is possible to sell your house now. I’ve been selling homes in Phoenix through up markets and down markets, and I sold more homes in December, 2007 than ever before. It can be done.  Call me today at 602-318-1114 or visit www.MyPhoenixMLS.com.

I have another great post in mind for next time, so I’m going to add in the Phoenix area market conditions report here:

Phoenix

Phoenix is such a large city that home prices vary dramatically – from $157,700 in the Maryvale area to $260,000 in the Desert Ridge area.  Overall, the median home price for single-family homes in Phoenix was $185,000 in February – down from $228,470 a year ago.  The median price of townhouses and condominiums decreased slightly to $147,500 from $150,000 in 2007.

If you’re in the market for a home or townhouse/condo in Phoenix, now is the time to buy!  All signs point to the fact that we’re hitting the bottom of the market downturn.  Lock in a great deal on your dream home before prices start climbing again.  For the best deal with the least hassle, sign up for your FREE Time Saving Home Finder Program at www.MyPhoenixMLS.com.